Disinheritance means to prevent someone from receiving any of your property after your death. Disinheritance occurs when the testator takes steps to make sure that a specific person is excluded from inheriting anything from the property. This...
taxation
domestic corporation
A domestic corporation is a corporation that does business in the jurisdiction in which it is incorporated. This can be compared to a Foreign Corporation which conducts business in a jurisdiction other than its place of incorporation. The...
donation
A donation is a gift - usually one of a charitable nature. A donation is a voluntary transfer of property (often money) from the transferor (donor) to the transferee (donee) with no exchange of value (consideration) on the part of the...
donative intent
The conscious desire to make a gift, as distinguished from giving something as a gift by mistake or under pressure. When a donor makes a gift with donative intent, that may preclude the creation of a contractual relationship. For example, in Mortellaro...
donee
Donee is a person who receives a gift from another person or legal entity. Donee also refers to a person that is given the power of appointment.
[Last updated in August of 2022 by the Wex Definitions Team]
donee beneficiary
Donee beneficiary is a third party beneficiary who is the beneficiary of a contract between two other parties which the donee beneficiary is not a party to. For example, if a parent buys a life insurance contract with proceeds from such...
donor
A donor is a person who gives an asset or assets to another person or legal entity. The donor is the person who grants the donee the power of appointment. A donor provides or transmits something without expecting anything in return.
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double taxation
Double taxation refers to the imposition of taxes on the same income, assets or financial transaction at two different points of time.
Double taxation can be economic, which refers to the taxing of shareholder dividends...
duty
1) Requirement to perform some conduct required by law, custom, morality, or personal commitment. This requirement often created a right in the other that the duty be performed, and a breach of such duty (ex. Fiduciary duty, duty of...
dynasty trust
Dynasty trusts refer to trusts created to last over many years and multiple generations. The goal of the trusts is to avoid taxes to the extent possible and create a source of income that will last beyond just one generation. The grantor of...